Transferring money to UK
Hi all
I need to transfer a relatively large sum to UK to pay off my mortgage. I have never used banks before as I heard that they charge obnoxious fees on transfers. I have used CanadianForex and Transferwise in the past but those were for relatively smaller sums (>$25k). I am sure there are new entrants to the market since then that I don't know of but does anyone have any recommendations? Timeline is important but not crucial. Transfer fee on the other hand would be the biggest determining factor. Any advice would be much appreciated. Thanks |
Re: Transferring money to UK
Originally Posted by Edo
(Post 12969649)
Hi all
I need to transfer a relatively large sum to UK to pay off my mortgage. I have never used banks before as I heard that they charge obnoxious fees on transfers. I have used CanadianForex and Transferwise in the past but those were for relatively smaller sums (>$25k). I am sure there are new entrants to the market since then that I don't know of but does anyone have any recommendations? Timeline is important but not crucial. Transfer fee on the other hand would be the biggest determining factor. Any advice would be much appreciated. Thanks |
Re: Transferring money to UK
Originally Posted by Hurlabrick
(Post 12969663)
I used TW to move all my UK house proceeds from the UK to Canada.
Any pointers on how to negotiate with the savvy FX traders would be helpful :) |
Re: Transferring money to UK
Originally Posted by Edo
(Post 12969678)
Thanks Hurlabrick . Seems like their fees have increased but I will give them a shout to see if they can compensate that with a better rate.
Any pointers on how to negotiate with the savvy FX traders would be helpful :) They offer a service whereby if you know the amount you want to move then they will use monitoring and data science to exchange it at the exact point when you are likely to get the best rate. I was going to use them last year but my needs were pretty basic and simple tbh and they were asking for a bit more personal info than I was really comfortable with sharing. |
Re: Transferring money to UK
Originally Posted by DigitalGhost
(Post 12971019)
Maybe talk to these people. https://www.globalreachgroup.ca/contact
They offer a service whereby if you know the amount you want to move then they will use monitoring and data science to exchange it at the exact point when you are likely to get the best rate. I was going to use them last year but my needs were pretty basic and simple tbh and they were asking for a bit more personal info than I was really comfortable with sharing. |
Re: Transferring money to UK
Originally Posted by Edo
(Post 12973501)
Thank you!
|
Re: Transferring money to UK
I used Skrill a few times. Worked very well. Midpoint exchange rate and the transfer to our British bank account was instantaneous.
|
Re: Transferring money to UK
Originally Posted by Mordko
(Post 12973699)
I used Skrill a few times. Worked very well. Midpoint exchange rate and the transfer to our British bank account was instantaneous.
|
Re: Transferring money to UK
Originally Posted by Edo
(Post 12975378)
Thanks. Do you know if there are any transfer limits on Skrill?
https://www.skrill.com/en/footer/ter...nd-conditions/ Transaction limits apply to the Skrill Money Transfer Service and vary depending on the status of your Skrill Account, selected Payment Method, country of residence and the country you are sending funds to. We reserve the right to vary the transaction limits from time to time, in our sole discretion. |
Re: Transferring money to UK
Originally Posted by Siouxie
(Post 12975389)
It's in their Money Transfer terms and conditions, but doesn't give specifics.
https://www.skrill.com/en/footer/ter...nd-conditions/ and under section 9 of their Account terms of use https://www.skrill.com/en/footer/ter...unttermsofuse/ |
Re: Transferring money to UK
Originally Posted by Edo
(Post 12975395)
Thank you. I was looking for this information but I couldn't find it on their website so I appreciate your help.
You may find these 2 review sites of use too (they mention limits and some of the downfalls - such as money being transferred to US and then to CAD) :) https://www.finder.com/ca/skrill (pan down for review) https://transumo.com/skrill-review/ https://transumo.com/money-transfer-services/ |
Re: Transferring money to UK
Originally Posted by Siouxie
(Post 12975410)
Very welcome :)
You may find these 2 review sites of use too (they mention limits and some of the downfalls - such as money being transferred to US and then to CAD) :) https://www.finder.com/ca/skrill (pan down for review) https://transumo.com/skrill-review/ https://transumo.com/money-transfer-services/ Also, Finder claims that it takes 2 to 5 business days before recipient gets the money. Every time I used Skrill, the money appeared in our UK account instantly. Possible issue is that Skrill offers two services: 1. Skrill Money Transfer and 2. Skrill to Skrill The latter is not recommended. The “finder” review does not seem to specify which money transfer service they are talking about, but the fee structure appears to suggest Skrill to Skrill. This review matches my experience: https://www.monito.com/en/send-money-with/skrill The maximum you can move from CAD to GBP is just over $18,000 per transfer. |
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